Gap-year students and young holidaymakers have long spent a lot of money on trips to Ibiza – admission to clubs such as Amnesia typically costs a minimum of €35 ($A52); a vodka and mixer could cost €20 ($A29). Now, high-end travellers are invited to spend lavishly too with the opening of a new restaurant that is being marketed as the most expensive in the world.

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Set to open in Ibiza's new Hard Rock Hotel this summer, Sublimotion restaurant is overseen by lauded Michelin-starred Spanish chef Paco Roncero and will charge diners £1,235 ($A2,237) for a 20-course meal. Only 12 individuals will be served each night and, in addition to sampling the dishes on offer, they will have the opportunity to experience a multisensory installation.

The restaurant's communal table serves as a type of canvas upon which various light installations are projected throughout the evening. Speaking to the Daily Mail, a spokesman said diners can engage with the technology to imagine wandering "through a world of sensations from the North Pole where they will enjoy a cold snack that they carve on their own iceberg or to the baroque Versailles where the elegance of a rose is sure to melt in their palate."

Although the restaurant's menu has yet to be revealed, Paco Roncero is best known for cooking avant-garde, Spanish cuisine. Dishes at his Hong Kong restaurant View62 include tapas of low temperature egg with port wine reduction, and roasted peppers and tuna belly toast. His Casino de Madrid restaurant in the Spanish capital serves dishes such as Iberian pork with yucca and dates.

The restaurant will be one of many catering to guests at the hotel. Other eateries on the premises include Munchies, a "snack bar unlike any you've ever enjoyed" that serves grilled sandwiches and finger food, and 3rd Half, also serving finger foods and screening sports games.

And while few other restaurants serve set menus comparable in price to that on offer at Sublimotion, diners who wish to order from a la carte menus can easily rack up bills exceeding £1,235 ($A2,237) elsewhere. Bangkok's Sirocco restaurant serves a £534 ($A967) dessert that is complemented by a rare cognac or wine; New York's Golden Opulence ice cream sundae is made of Tahitian vanilla bean ice cream, 23-carat gold leaf, Amedei Porceleana chocolate and Chuao chocolate, gold dragets and grande passon caviar infused with fresh passion fruit. It costs $US1,000 ($A1078).

Britons who are intrigued by Sublimotion's light installations, but unwilling to pay that restaurant's prices, can experience a more rudimentary version without leaving the country. Found in central London, the chain of Inamo restaurants uses similar technology and currently offers set menus with two courses costing £15 ($A27) or three courses costing £20 ($A36).